Step 4 Get Quotes from at Least Three Competing Carriers
Request quotes from a minimum of Banner Life (best rates), one other direct carrier (Protective, Transamerica, or State Farm depending on your priorities), and a marketplace such as Policygenius that shows multiple carrier rates simultaneously. Never accept the first quote. The rate spread between carriers for identical coverage can reach 30–40% — enough to save thousands over a 20–30 year term.
Step 5 Complete the Medical Exam and Lock Your Rate
Once you select your carrier and policy, schedule the life insurance physical exam promptly. Most carriers send a licensed mobile examiner to your home or a convenient location. The exam covers blood draw, urine sample, blood pressure, and a brief medical history interview. Results typically arrive within one to two weeks. Once approved and the policy is issued, your rate is locked for the full term — it cannot increase regardless of future health changes, as long as premiums are paid.